Coast Capital Savings
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| Type | Credit Union |
|---|---|
| Founded | Victoria, British Columbia, Canada
Surrey, British Columbia, Canada Richmond, British Columbia, Canada |
| Headquarters | Surrey, British Columbia |
| Key people | Tracy Redies - President & CEO |
| Industry | Financial Institution |
| Products | Financial services |
| Revenue | ▲ 212.4 million CAD |
| Employees | 2000 |
| Website | https://www.coastcapitalsavings.com/ |
Coast Capital Savings is a credit union based in Surrey, British Columbia, and is the second largest Credit Union in Canada - the largest is Vancity. The credit union was created out of a union between Richmond Savings Credit Union and Pacific Coast Savings Credit Union in 2000. In 2002, Coast Capital Savings acquired Surrey Metro Savings. Coast Capital Savings currently offers VISA through Desjardins, a credit union in Quebec.
In 2005, Coast Capital Savings launched its "Free Chequing, Free Debit and More" Account, the first retail financial institution in Canada to offer a free chequing account. Coast Capital Savings has also recently launched a new design for its branches, called "Aperio", a more open, less formal banking experience centred on retail banking services. The Aperio design is a copy of the "Occasio" branch banking design developed and patented by Washington Mutual in 2004.[1] Many of the products, services and advertising of Coast Capital Savings has been adapted from the innovations of Washington Mutual. In 2007, Coast Capital Savings launched its "One Small Fee, the Rest is Free" Business Account, the first retail financial institution in Canada to offer unlimited business banking for one set fee with no transaction fees (fees for deposits and withdrawals). [2] In 2008, Coast Capital changed its "Coast Maximum" Savings Account to the "High-Interest, No-Fee" Savings Account. This savings account is Canada's second high-interest savings account with no fees and unlimited access (ING Direct Canada was the first to offer such an account) but Coast Capital Savings offers a lower rate than competitors such as ING Direct.
As of 2008, the credit union has $12.3 billion in assets under administration, including $1.7 billion in mutual funds under administration, 2000 employees, 50 branches, and over 404,000 members. It also promotes volunteering with its staff. It also operates Coast Capital Investments and Coast Capital Insurance. The credit union was named one of BC’s Top 50 Employers in 2009 along with other financial institutions such as Vancity and HSBC, and was the 2008 recipient of the Canadian Co-operative Association Innovations in Co-operative Governance Award.
Class Action Overdraft Lawsuit Settlement
In April 2009, Coast Capital Savings agreed to reimburse credit union members who were charged overdraft fees. Coast Capital Savings agreed to the settlement to avoid further legal proceedings, but claim that the "agreement to settle is not an admission of liability or wrongdoing, but rather a way to speedily resolve the issue in everyone’s best interests."[3]
[edit] External links
[edit] References
- ^ "WaMu - Newsroom - Occasio Overview". http://newsroom.wamu.com/phoenix.zhtml?c=189529&p=irol-occasioOverview.
- ^ Coast Capital Savings Credit Union - The One Small Fee, the Rest is Free Business Account
- ^ "Coast Capital Savings class action overdraft lawsuit settlement". https://www.coastcapitalsavings.com/About_Coast_Capital_Savings/Corporate_Information/Overdraft_Reimbursement/?mdi-campaign=CMP=PersonalWhatsNew&id=Overdraft.
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